£1k a month - but where?

ebs1980

Me and Mrs me are in a position to save £1k per month, sometimes £1.5k.

We are looking for a savings account to put it in but those paying higher interest rates all seem to limit either the amount per month you can transfer or cap the annual amount.

We already have the Santander accounts with £20k in so can't open another one but unsure where to put it at the mo.

Any advice?

YorkshireBoy

ebs1980 wrote: »

We already have the Santander accounts with £20k in so can't open another one

You have one each and a joint account, so 3 in total?

ebs1980

Yeah one each with savings in and a joint one which is our bills account that we earn the cashback on

Thrugelmir

What are you saving for?

Do you need easy access to the money?

Herbalus

Most people on this thread tend to view savings differently to most i.e. cash savings are just one part of the investment portfolio, which is usually designed to reach a specified target. Hence the questions about when you want to use the money, what your risk profile is, and what you're looking to do with the money.

If you're just looking at cash savings however, regular savings are probably your best bet. First Direct pay 6% on £300/month, so £600/month if there's two of you.

You can have multiples of some of the other accounts e.g. TSB 2 each (so 4 single accounts in total) plus 2 joint = 6 accounts, paying 5% on up to £12k. That might sort you for nearly a year.

Then Nationwide pay 5% on up to £2.5k. You can have one each of those.

colsten

Regular Savings accounts: https://forums.moneysavingexpert.com/discussion/608697

Several at 4 and 6%, so can easily cope with £1,000 a month if there are 2 people.

PeacefulWaters

Pensions. Tax relief, matching contributions from employers.

Stocks and shares ISAs. Growth free of capital gains tax.

Employee share schemes. Sharesave. Matching shares. Share options. Diversify away from single company shares when options can be exercised free of tax.

Ideal starting points for long term savers.

If you're saving for a car, home deposit or holiday etc, then the savings options posted by others are good starting points.

IronWolf

I would open a few regular savings accounts, they give the best interest rates. Most have a limit of £300 a month though so you'd need a few.

jimjames

If you already have £20k cash sufficient as emergency fund and don't need the new money then you can easily fit it into a S&S ISA where the limit is £15k pa

Herbalus

jimjames wrote: »

If you already have £20k cash sufficient as emergency fund and don't need the new money then you can easily fit it into a S&S ISA where the limit is £15k pa

Ah, yes. The S&S ISA. Which one is best?

That's the trouble with S&S ISA - it's not savings, which most people understand, but it's investments. Unless the OP's invested before (and he might have done), an S&S ISA is going to be a completely bewildering prospect.

I agree with you that investments are the way forward, but figuring out how to do that is another matter....

It makes me chuckle when you wise lot throw in the "stick it in a S&S ISA" line as if it's the easiest thing in the world. I aim to get to the same level one day (I'm working through Hale's book at the moment), but it might take some time!

ebs1980

thanks for the advice, it's annoying that you have to play their game and have multiple accounts. Will do more research over the weekend.